A refrigeration system is provided for use with an ultra-low temperature freezer having a deck and a refrigerated cabinet supported above the deck. The system has a first refrigeration stage and a second refrigeration stage. The first stage defines a first fluid circuit for circulating a first refrigerant. The first stage has a first compressor, a condenser and a first expansion device that is in fluid communication with the first fluid circuit. The second stage defines a second fluid circuit for circulating a second refrigerant. The second stage has a second compressor, a second expansion device and an evaporator that is in fluid communication with the second fluid circuit. The system includes an insulated enclosure supported within the deck and a split-flow heat exchanger that is in fluid communication with the first and second fluid circuits and which is located within the insulated enclosure.